Binance Chain is a peer-to-peer distributed system, connecting together multiple clients that reach consensus on their views of the "state of the world". Binance Chain uses Tendermint BFT consensus and has a dedicated application layer that runs upon it. A simplified overview of the application's architecture might look something like this:

Validators are a group/IT infrastructure that take the responsibility to maintain the Binance
Chain/DEX data and validate all the transactions. They join the consensus procedure and
vote to produce blocks. The fees are collected and distributed among all validators.
You can consider Validator as "miner" in Bitcoin and Ethereum and similar concepts exist in dPoS
blockchain as EOS or dBFT in NEO. The initial validators are selected from trusted members of the
Binance community, and will eventually expand to more members as the Binance blockchain and
ecosystem matures, this responsibility will be distributed. The decentralized governance procedure
will be introduced and executed. More qualified organization/individual can become Validators.

Binance Chain uses a similar block structure as Tendermint proposes, with a size limit of 1 megabyte.
It is expected a block will be produced on a-few-of-seconds level among validators, and can include
from 0 up to several thousands of transactions.

please note the transactions are not stored as chain state, because they are stored in blocks, while
trades are not stored as state either, because they can be reproduced via balances and transactions.

For normal users, all the keys and addresses can be generated via Binance Web Wallet.

This default wallet would use a similar way to generate keys as Bitcoin, i.e. use 256 bits entropy to generate a 24-word mnemonic based on BIP39, and then use the mnemonic and an empty passphrase to generate a seed; finally use the seed to generate a master key, and derive the private key using BIP32/BIP44 with HD prefix as "44'/714'/", which is reserved at SLIP 44.

Typically, an address is encoded in the bech32 format which includes a checksum and human-readable prefix (HRP). However, it doesn't use the SegWit address format (because we do not have SegWit function anyway, so no witness program version etc.).

A Binance Chain address is therefore more similar to a Bitcoin Cash address, which does not include a SegWit program script.

Binance Chain uses an ECDSA signature on curve secp256k1 against a SHA256 hash of the byte array of a JSON-encoded canonical representation of the transaction. For more information, please see this page.